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Bitcoin price slowly moves higher above $ 86,500 zone. BTC wins pace and can remain higher in the short term.
- Bitcoin found support for $ 84,200 and started a recovery wave.
- The price is traded above $ 85,500 and the simple simple advancing average of 100 hours.
- There was a break above a connecting bearish trend line with resistance at $ 85,000 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple could start a different increase if it knew the $ 88,000 zone.
Bitcoin -Rise stable price eyes
Bitcoin price remained stable above the level of $ 83,200 and started a new increase. BTC was able to climb above the resistance levels of $ 84,200 and $ 85,000.
There was a break over a connecting bearish trend line with resistance at $ 85,000 on the hour table of the BTC/USD pair. The bulls could pump the price above the $ 86,500 resistance. It was even above $ 87,000. A high is formed near $ 87,562 and the price can continue to rise unless there is a movement below the 23.6% FIB retraction level of the upward movement of the $ 84.007 Swing low to $ 87,562 high.
Bitcoin price is now traded above $ 86,500 and the 100 simple advancing average per hour. At the top is immediate resistance near the level of $ 87,500. The first key resistance is near the level of $ 88,000.
The next key resistance can be $ 88,800. A close by $ 88,800 can further send the price further. In the case mentioned, the price could rise and the resistance level of $ 89,500 tests. More profits can send the price to the $ 90,000 level.
Disadvantage correction in BTC?
If Bitcoin does not rise above the $ 88,000 resistance zone, this can start a downward correction. Immediate support on the disadvantage is close to the $ 87,000 level. The first major support is near the level of $ 86,750.
The next support is now near the $ 86,000 zone. More losses can send the price to the support of $ 85,750 or the 50% FIB retraction level of the upward movement of the $ 84.007 Swing low to $ 87,562 high in the short term. The most important support is $ 84,850.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 86,750, followed by $ 86,000.
Important resistance levels – $ 87,500 and $ 88,000.